So far in fiscal 2012–which began on Oct. 1–the federal government has borrowed more than $700 billion, according to the official debt numbers posted by the U.S. Treasury.
That means that since Oct. 1, the debt has been increasing at a pace of approximately $40 per day per each full-time worker in the United States.
The federal debt is growing at a faster clip this fiscal year than it did in either of the two previous fiscal years that began during the presidential term of Barack Obama. At the beginning of those two fiscal years, however, Obama was working with a Democratic-majority Congress.
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